Markets

Sector Update: Energy Stock Turn Broadly Higher; Energy XXI Bermuda Slumps After Surprise Q3 Loss

Top Energy Stocks

XOM +1.18%

CVX +1.13%

COP +2.03%

SLB +0.10%

OXY -0.05%

Energy stocks were extending their gains, with the NYSE Energy Sector Index rising about 0.7% while shares of energy companies in the S&P 500 were up about 1.1% as a group.

In company news, Energy XXI Bermuda Ltd. ( EXXI ) was falling Thursday after the oil and gas company swung to a fiscal Q1 net loss as well, trailing Wall Street estimates while also posting quarterly revenue lagging the Street view.

Net loss for the quarter was $9.3 million, or $0.10 per share, reversing $40.3 million in net income during the same quarter last year and surprising analysts who had looking for EXXI to record a $0.07 per share profit.

Revenue rose 24.2% year over year to $403.2 million, trailing the Capital IQ consensus by $21.4 million.

EXXI shares were down over 6% at $6.47 each, slightly above its intra-day low of $6.26 a share. The stock has traded within a 52-week range of $6.23 to $29.18 a share, declining over 78% over the past 12 months.

In other sector news,

(+) ANR, Extending post-election surge for coal-mining stocks, with the incoming Republican majority in both houses of Congress seen as much more friendly to coal interests.

(-) BBG, Q3 net loss of $0.06 per share is $0.06 wider than Capital IQ consensus looking for break-even quarter. Revenue declines 8.9% compared with year-ago levels to $135.26 mln but still beats estimates by around $1.83 mln.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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